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India expected to ban crypto currencies


India is set to adopt a wide ranging ban on crypto currencies, according to BBC News.

A long-awaited bill is expected to cover private cryptocurrencies, with certain exceptions, to allow the promotion of the underlying technology, such as blockchain, and its uses.

Expectations had grown in recent months, reports BBC News, that the Indian government may soften its view on digital currencies. Cryptocurrency prices dropped on Indian exchanges after the decision on the bill’s future was announced.

A government bulletin is cited that the ban is part of the proposed Cryptocurrency and Regulation of Official Digital Currency Bill to be introduced in the winter session. The planned legislation aims “to create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India (RBI)”.

The plan to prohibit all private cryptocurrencies appeared to be essentially the same as an earlier draft of the bill submitted in January.

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